Sche EIC – The Earned Income Credit (EIC) is a tax benefit for low- to moderate-income individuals or families that reduces the amount of tax owed.

Additional State – Refers to state-specific taxes or credits that may apply in addition to federal tax filings.

Form 1040 – The standard individual income tax return form U.S. taxpayers use to report their annual income and calculate their tax liability.

Form 1116 – Used to claim the Foreign Tax Credit for individuals who have paid or accrued foreign taxes to reduce their U.S. tax liability.

Form 114 – Also known as the FBAR, it is used to report foreign bank accounts and financial accounts exceeding certain thresholds.

Basis Limitation – Refers to limitations on deductions or credits based on the taxpayer’s investment or equity in a business or property.

Depr (Curr Year) – Depreciation for the current year, which allocates the cost of an asset over its useful life for tax purposes.

Depr (Next Year) – Depreciation for the next year, often used to estimate depreciation deductions for an upcoming tax period.

Form 2210 – Used to calculate penalties for underpayment of estimated tax, often due to insufficient tax withholding.

Form 2441 – Form used to claim the Child and Dependent Care Credit for taxpayers who pay for the care of a dependent while working or seeking work.

Form 4562 – Used to claim deductions for depreciation and amortization of assets placed in service during the tax year.

Form 4797 – Used to report the sale or exchange of business property, including the sale of real estate or depreciable assets.

Form 5329 – Used to report additional taxes on IRAs, retirement plans, or other tax-favored accounts, such as penalties for early withdrawals.

Form 5695 – Used to claim residential energy credits, including credits for energy-efficient home improvements or renewable energy installations.

Form 6251 – Used to calculate the Alternative Minimum Tax (AMT) and determine if the taxpayer owes additional tax.

Form 7203 – Used to report on a shareholder basis in an S corporation for tax purposes.

Form 8283 - Sect A – Used to report non-cash charitable contributions over $500 for individuals.

Form 8582 – Used to report passive activity losses, such as from rental properties or businesses in which the taxpayer is not materially involved.

Form 8606 – reports nondeductible contributions to traditional IRAs and distributions from Roth IRAs or traditional IRAs.

Form 8812 – Used to claim the Additional Child Tax Credit, a refundable credit for eligible taxpayers with children.

Form 8829 – Used to claim deductions related to the business use of a home, such as utilities, insurance, and mortgage interest.

Form 8863 – Used to claim education credits, including the American Opportunity Credit and Lifetime Learning Credit.

Form 8889 – reports contributions to and distributions from Health Savings Accounts (HSAs).

Form 8915F –  reports qualified disaster-related distributions and repayments from retirement accounts.

Form 8949 – Used to report sales and exchanges of capital assets, detailing each transaction for capital gains or losses.

Form 8958 – Used to report the allocation of self-employment taxes between spouses for community property states.

Form 8959 –  reports the Net Investment Income Tax (NIIT) and Additional Medicare Tax for high-income taxpayers.

Form 8960 – Used to calculate the Net Investment Income Tax (NIIT) for individuals with significant investment income.

Form 8962 – Used to calculate and reconcile the Premium Tax Credit for health insurance purchased through the Health Insurance Marketplace.

Form 8995 – Used to calculate the Qualified Business Income Deduction (QBI) for eligible taxpayers.

Form 8995-A – A more detailed version of Form 8995, used for higher-income taxpayers to calculate the Qualified Business Income Deduction (QBI).

Form 8995-A Sch C – Schedule C for Form 8995-A, explicitly used for calculating the Qualified Business Income Deduction for self-employed or sole proprietors.

Form 982 – Used to report reductions in tax attributes due to discharge of indebtedness, such as when debt is forgiven.

Sch SE – Schedule SE is used to calculate self-employment tax for self-employed individuals or earning income from freelance work.

Form 1041 – Form 1041 reports income, deductions, and distributions for a trust or estate.

Form NOL (Net Operating Loss) – Refers to a tax situation where a taxpayer’s allowable tax deductions exceed their taxable income, potentially allowing for a carryback or carryforward to offset future tax liabilities.